Moody’s Investors Service upgraded five and affirmed 10 securities from Dell Equipment Finance Trust transactions issued in 2015 and 2016. The transactions are securitizations of small-ticket equipment leases serviced by Dell Financial Services.

Complete rating actions are as follows:

Issuer: Dell Equipment Finance Trust 2015-1

• Class A-3 Notes, Affirmed Aaa (sf); previously on Feb 15, 2017 Affirmed Aaa (sf)
• Class B Notes, Affirmed Aaa (sf); previously on Feb 15, 2017 Affirmed Aaa (sf)
• Class C Notes, Affirmed Aaa (sf); previously on Feb 15, 2017 Upgraded to Aaa (sf)
• Class D Notes, Upgraded to Aa2 (sf); previously on Feb 15, 2017 Upgraded to A2 (sf)

Issuer: Dell Equipment Finance Trust 2015-2

• Class A-2-A Fixed Rate Notes, Affirmed Aaa (sf); previously on Feb 15, 2017 Affirmed Aaa (sf)
• Class A-2-B Floating Rate Notes, Affirmed Aaa (sf); previously on Feb 15, 2017 Affirmed Aaa (sf)
• Class A-3 Fixed Rate Notes, Affirmed Aaa (sf); previously on Feb 15, 2017 Affirmed Aaa (sf)
• Class B Fixed Rate Notes, Affirmed Aaa (sf); previously on Feb 15, 2017 Affirmed Aaa (sf)
• Class C Fixed Rate Notes, Upgraded to Aaa (sf); previously on Feb 15, 2017 Affirmed Aa1 (sf)
• Class D Fixed Rate Notes, Upgraded to Aa3 (sf); previously on Feb 15, 2017 Affirmed A2 (sf)

Issuer: Dell Equipment Finance Trust 2016-1

• Class A-2 Asset Backed Notes, Affirmed Aaa (sf); previously on Feb 15, 2017 Affirmed Aaa (sf)
• Class A-3 Asset Backed Notes, Affirmed Aaa (sf); previously on Feb 15, 2017 Affirmed Aaa (sf)
• Class B Asset Backed Notes, Affirmed Aaa (sf); previously on Feb 15, 2017 Upgraded to Aaa (sf)
• Class C Asset Backed Notes, Upgraded to Aa1 (sf); previously on Feb 15, 2017 Affirmed Aa2 (sf)
• Class D Asset Backed Notes, Upgraded to A2 (sf); previously on Feb 15, 2017 Upgraded to A3 (sf)